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FTSE 100 surges on banking and commodities

09/10/2008

The FTSE 100 opened higher this morning and has continued to climb on a rally in banking stocks.

After opening over 30 points higher at 4,399.56, the index gained 2.82 per cent by 09:05 BST.

HBOS led the risers and was up 24.87 per cent, while Royal Bank of Scotland rose 19.29 per cent. Lloyds TSB also rose, by 10.48 per cent.

Commodities also soared, with Eurasian Natural Resources rising 22.22 per cent and Cairn Energy also rising strongly.

Several of the 'defensive' shares that have been rising over the last few days were, however, lower this morning.

SABMiller was down 5.91 per cent, while Land Securities Group fell by 3.51 per cent, signalling a potential return in confidence for investors.